Thursday, October 5, 2023

Follow up to that story about ticket scalpers--they bet wrong on a concert tour


In ticket reseller lingo, Scott’s tour is a “bloodbath,” the result of overzealous brokers and noobs “overbuying” tickets based on a miscalculation of the likely value of his tickets on the secondary market. Many brokers now stand to lose a lot of money on Scott’s shows. At least part of this buying frenzy was fueled by a bet placed by PFS Buyers Club


I spoke to people who are currently floating tens of thousands of dollars on their credit cards for Travis Scott tickets they have no idea what to do with. PFS has been telling angry members that it could go out of business because of how much money it stands to lose from the bet. 


“The fact they said you could buy an unlimited number of tickets for any tour dates, any city, and all of them are $25 commission, I thought, ‘Well, that sounds pretty good.’”